The United Arab Emirates (UAE) signed two agreements with Italy on Sunday, under which the Abu Dhabi National Oil Company (ADNOC) offered shares of several oil fields to Eni, Italy's energy giant.
Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed and Italy's Prime Minister Paolo Gentiloni attended the signing ceremony, UAE's state news agency WAM reported.
Under the terms of the deals, Eni has been awarded 10-percent stake shares of the Umm Shaif and Nasr oil fields and 5-percent shares in the Lower Zakum.
ENI paid a participation fee of 2.1 billion dirham (575 million U.S. dollars) to enter the Umm Shaif and Nasr fields and a fee of 1.1 billion dirham to enter the Lower Zakum.
The agreements, with a term of 40 years starting from March 9, were signed between Sultan bin Ahmad Sultan Al-Jaber, the Chief Executive Officer of ADNOC Group, and Eni's CEO Claudio Descalzi.
Some 90 percent of the UAE's oil reserves are located in the Gulf country's capital Abu Dhabi.
Editor:Amber
